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Greece must hit targets or risk losing aid-minister
ATHENS, July 7 |
ATHENS, July 7 (Reuters) - Greece must hit the targets it has signed up to or risk losing its next tranche of aid from partners, its new finance minister Yannis Stournaras said on Saturday in his first policy speech since taking office.
"Greece must carry out the measures that it has already voted on as part of its 2012 budget so that it moves towards the targets it has committed to and to avoid losing more of its credibility and risk the next aid tranche," Stournaras told parliament before a confidence vote on Sunday.
He warned that negotiations with foreign lenders would be "long and arduous" and that the government would press its case for additional time to carry out austerity measures.
Stournaras said Greece faced a deeper than expected recession that would prevent it from hitting its targets, but that additional austerity would only deepen that recession.
He also pledged the government would complete reforms demanded under the bailout, speed up privatisations and boost competitiveness to turn around the recession-hit economy.
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